Talk of a takeover is premature IMO.
More likely is hedge fund activity to get a seat at the table to block or greenmail a predator.
Remember: at 5% holding, a substantial interest notice must be lodged within days.
A predator can buy up to 19.99% without having to bid for the whole company.
At 90% a predator can compulsory acquire the outstanding shares.
Given that management and other parties are holding in excess of 10% it would have to be a very substantial offer to shift management to sell.
Given that KDR is still at a massive discount to peers, and predators need to pay a premium for control: I can't see a bid succeeding less than $6, which would still seem cheap if our expectations of resource upgrades etc. are halfway correct.
Looking forward to the next week or so and expect a couple of substantial holdings notices, which I view as a very Bullish sign, nobody will then be able to take control cheaply.
cheers xanax
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